With a low cash rate, great-value savings are crucial

CANSTAR announces Bank of the Year – Savings and Customer Owned Institution of the Year – Savings

In a super-low official cash rate environment, every dollar of income counts, so choosing an institution that offers outstanding value for money across rates, fees and features is more important than ever. CANSTAR has crunched the numbers on 159 savings accounts to determine which bank and which customer-owned institution are offering outstanding value for Aussies.

“In a low interest rate environment, savers need to find that ideal combination of return, fees and other features that will represent outstanding value for money,” said CANSTAR Group Manager, Research and Ratings, Mitchell Watson.

“Our annual Savings Award is recognition for institutions that strive to provide that ideal combination for their customers and this year we are pleased to congratulate UBank and CUA, who both achieve back-to-back wins this year, proving that both institutions have a continual focus on what their customers want.”

Bank of the Year – Savings: UBank

UBank has won the Savings Account Award back to back and has been able take out this year’s award quite comprehensively with a solid offering across both pricing and account features.

“CANSTAR looks at term deposits, as well as at-call savings account for both customers that can take advantage of bonus offering via regular savings and customer who require more account flexibility, and UBank provides value across the board,” said Mr Watson.

Customer Owned Institution of the Year – Savings: CUA

CUA is also a winner of the Savings Account Award back to back, proving that Australia’s largest customer-owned financial institution knows what its members want.

“CUA has again performed strongly across the three savings account products assessed and once again is the market leader for their overall product offering. Impressive online savings tools have seen CUA easily hold the award again,” said Mr Watson.

About CANSTAR

CANSTAR provides Australia’s interactive online research service in consumer and business finance. Founded in 1992, CANSTAR Pty Limited is Australia’s researcher of retail finance information for over 250 institutions such as Banks, Building Societies, Credit Unions, Finance Companies, Brokers, Mortgage Originators, Life Companies and finance related Internet Portals. CANSTAR customers use the extensive database for competitor analysis as well as a means of disseminating their product range. CANSTAR also distributes this information to print and electronic media for publication and to Agents, Accountants, Brokers and Internet Portals for use in advising their clients.

What are the CANSTAR star ratings?

CANSTAR researches, compares and rates the suite of banking and insurance products listed below. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at www.canstar.com.au if you would like to view the latest star ratings reports of interest.

Account based pensions

Managed investments

Agribusiness

Margin lending

Business banking

Online banking

Business life insurance

Online share trading

Car insurance

Package banking

Credit cards

Personal loans

Deposit accounts

Reward programs

Direct life insurance

Superannuation

First home buyer

Term deposits

Health insurance

Travel insurance

Home & Contents

Travel money card

Home loans

Youth banking

Life insurance

COMPLIANCE DISCLOSURE and LIABILITY DISCLAIMER

To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”). The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product. Please refer to Canstar’s FSG for more information.

The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR’s prior written consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2014 CANSTAR Research Pty Ltd A.C.N. 114 422 909

The word “CANSTAR”, the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd. Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Statistics referenced on this page have been verified by Canstar Research. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.